Housing insurance rates are continuing to fluctuate in Texas, as a leading insurance provider has announced that while it will be lowering rates statewide, certain cities may see a rise in their payments, according to the Austin-American Statesman.
The provider, which insures 280,000 houses across the state, filed for an average percent rate cut of 5.8 percent, which the Statesman theorized could mean cuts of up to 10 percent in some parts of the state.
However, along with the statewide cuts, it was also announced that Harris County, which contains the city of Houston, could see a rise in their rate of up to 20 percent.
This is the second rise in housing insurance rates that the state has seen in the last three weeks. On July 31 a second prominent insurance provider announced that it would be raising its rates by a statewide average of 8.5 percent, with areas along the Texas Gulf Coast seeing even higher rates.
The rise in housing insurance rates may be connected to the six hurricanes that have ravaged the state in the last ten years. In 2008, twenty two people drowned when Hurricane Ike hit the Bolviar Peninsula and parts of Galveston, Harris, Chambers and Jefferson Counties, according to Insurance Journal.
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Posted: August 14, 2009
